Papertrade’s Wild Weekend Ends With 93.7% Open Interest Wipeout

What happened

After a whirlwind of trading activity on Papertrade, the newly launched perpetuals (a derivative contract with no expiry date) decentralized exchange (DEX) built on Hyperliquid, the platform’s open interest has collapsed by 93.7% over the past 24 hours. The project’s total value locked (TVL) has also taken a substantial hit, shedding $48 million over the same period.